UK domain registry Nominet has set up a fund to provide education and research initiatives for the internet.
The charitable Nominet Foundation will aim to launch this summer with a first year donation of £5m.
The money will be taken from the excess cash that Nominet makes during the administration of the .uk domain.
Nominet's board said that it has begun the process of setting up the organisation and creating the governance structure.
Projects will be invited to seek funding at a later date, although the organisation has already received some "interesting suggestions" as to how the money could be used.
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